MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Dec 4 Thursday
Vegoils: Market Factors to Watch Dec 4 Thursday
04/12/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil futures rebounded in late Wednesday trade to their highest in nearly a week, reversing intraday losses as gains in competing soyoil markets as well as hopes for smaller output in December supported prices.
* U.S. wheat futures fell 2.3 percent on Wednesday, retreating from near six-month highs on a round of profit taking and ideas that the recent rally had made U.S. supplies uncompetitive on the global market, traders said.
* U.S. crude closed higher on Wednesday at more than $67 after data showed a surprise tumble in inventories, but a report suggesting Saudi Arabia expected still lower prices for oil sent Brent below $70 a barrel.
MARKET NEWS
* Asian stocks edged higher on Thursday as fresh signs of resilience in the U.S. economy offset some of the gloom over a weakening global outlook, while the euro wallowed near two-year lows before a much-anticipated European Central Bank meeting.
RELATED
> Dutch poultry sector sees $100-$200 mln in export losses from bird flu -attache
> Informa trims forecasts for 2014-15 Brazil, Argentina corn crops
> Rain to start on Brazil's drought-hit coffee farms and spread out
> Egypt's GASC buys 175,000 T of wheat from Romania, Ukraine
> India's rapeseed output seen falling, Indonesia to gain
> COLUMN-Expect 'massive passive' investors to be more modest in ags in 2015
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's Dec. 1-10 palm oil exports on Dec. 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-November palm oil stocks, exports and production on Dec. 10.
Palm, soy and crude oil prices at 0051 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC4 0 +0.00 0 0 0
MY PALM OIL JAN5 0 +0.00 0 0 0
MY PALM OIL FEB5 0 +0.00 0 0 0
CHINA PALM OLEIN MAY5 5050 +4.00 5042 5076 568550
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL JAN5 31.94 +2.70 0.00 0.00 0
INDIA PALM OIL DEC4 435.10 +2.70 430.30 437.70 1334
INDIA SOYOIL DEC4 574.30 +1.75 569.50 576.00 34590
NYMEX CRUDE JAN5 67.63 +0.25 67.28 67.78 1918
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
FUNDAMENTALS
* Malaysian palm oil futures rebounded in late Wednesday trade to their highest in nearly a week, reversing intraday losses as gains in competing soyoil markets as well as hopes for smaller output in December supported prices.
* U.S. wheat futures fell 2.3 percent on Wednesday, retreating from near six-month highs on a round of profit taking and ideas that the recent rally had made U.S. supplies uncompetitive on the global market, traders said.
* U.S. crude closed higher on Wednesday at more than $67 after data showed a surprise tumble in inventories, but a report suggesting Saudi Arabia expected still lower prices for oil sent Brent below $70 a barrel.
MARKET NEWS
* Asian stocks edged higher on Thursday as fresh signs of resilience in the U.S. economy offset some of the gloom over a weakening global outlook, while the euro wallowed near two-year lows before a much-anticipated European Central Bank meeting.
RELATED
> Dutch poultry sector sees $100-$200 mln in export losses from bird flu -attache
> Informa trims forecasts for 2014-15 Brazil, Argentina corn crops
> Rain to start on Brazil's drought-hit coffee farms and spread out
> Egypt's GASC buys 175,000 T of wheat from Romania, Ukraine
> India's rapeseed output seen falling, Indonesia to gain
> COLUMN-Expect 'massive passive' investors to be more modest in ags in 2015
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's Dec. 1-10 palm oil exports on Dec. 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-November palm oil stocks, exports and production on Dec. 10.
Palm, soy and crude oil prices at 0051 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC4 0 +0.00 0 0 0
MY PALM OIL JAN5 0 +0.00 0 0 0
MY PALM OIL FEB5 0 +0.00 0 0 0
CHINA PALM OLEIN MAY5 5050 +4.00 5042 5076 568550
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL JAN5 31.94 +2.70 0.00 0.00 0
INDIA PALM OIL DEC4 435.10 +2.70 430.30 437.70 1334
INDIA SOYOIL DEC4 574.30 +1.75 569.50 576.00 34590
NYMEX CRUDE JAN5 67.63 +0.25 67.28 67.78 1918
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel